Algoma’s Green Steel Transformation plan has been approved by the Canadian government who commit to a fund of $420 million in financial support. Algoma also announced a potential transfer to an Electric Arc Furnace (EAF) for steelmaking, to further their aims towards a greener manufacturing company.
The financial commitment made by the Canadian government includes a $200 million donation from the Innovation Science and Economic Development Canada’s Strategic Innovation Fund (SIF), to rapidly expedite decarbonisation projects and accelerate Canada’s industrial transformation. Moreover, the Canada Infrastructure Bank is committing a further $220 million towards the project. The funding will be provided over four years and will provide direct and indirect jobs in Sault Ste. Marie and the province of Ontario, as well as supply customers with green steel products
Algoma Steel’s proposed EAF transformation has the potential to reduce Algoma Steel’s carbon emissions by approximately 70%.
Algoma Steel Chief Executive Officer, Michael McQuade commented,
“Having a commitment of this magnitude from the Government of Canada shows leadership towards a net-zero, climate-resilient Canada… The momentum is building on our path to our enhanced sustainability, with the promise of good secure jobs and a greener future for our community and our customers.”
Michael McQuade, Algoma Steel Chief Executive Officer
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